The FCA has fined Dipesh Kerai and Bhavesh Hirani for insider dealing in shares of Bidstack Group Plc.
Mr Kerai has been fined £52,731, and Mr Hirani has been fined £56,000.
In December 2021, Mr Hirani was the interim Chief Financial Officer at Bidstack, a company that placed advertising inside video games. This meant he had access to inside information about a major upcoming deal between Bidstack and a large video game publisher.
Before it was announced to the public, Mr Hirani passed this confidential information to Mr Kerai. Mr Hirani then opened a trading account in Mr Kerai’s name and, with his help, bought 1.3 million Bidstack shares in advance of the announcement while in possession of inside information.
When the deal was made public, Bidstack’s share price rose by more than 125%. Mr Kerai made more than £9,000 in profit, which the FCA has now required him to return as part of his penalty.
The FCA was initially notified of the trading through Suspicious Transaction and Order Reports submitted by a firm, showing the vital role of industry in uncovering market abuse.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
‘Dipesh Kerai and Bhavesh Hirani exploited inside information for their own gain, trading on details other investors couldn’t have known. Big thanks to the firm that reported its suspicions, enabling us to identify the perpetrators and hold them to account. Working with industry we will continue to take action against anyone who misuses inside information and undermines trust in UK markets.’
Notes to editors
- Final Notice 2026: Dipesh Kerai (PDF)[2].
- Final Notice 2026: Bhavesh Hirani (PDF)[3].
- Mr Kerai’s total financial penalty of £52,731 includes £9,260.74 in disgorgement (plus interest on that amount) and a penalty of £42,000, reduced by 30% through settlement. Mr Hirani’s £56,000 penalty reflects a 30% settlement discount applied to the assessed penalty of £80,000.
- Both individuals’ conduct breached Article 14 of the UK Market Abuse Regulation relating to insider dealing and unlawful disclosure of inside information.
- Bidstack Group Plc was an advertising technology company, admitted to trading on AIM until 23 April 2024.
- Tackling financial crime is a priority under the FCA's 5-year strategy[4].
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA[5].